Loan Rejected - Advice needed

Jack_Maloney

Hi,

Im just looking for some advice on applying for a loan. Basically, I want to take out a £10,000 loan. I have an excellent credit rating (999) and decent salary but so far I have been rejected from M&S and Tesco have referred me to their underwriters for them to decide whether to give me a loan. Now ive got a feeling they will reject me as well as my income to debt ratio would be pretty high.

Now, the advice im after is this. Basically I have a single mortgage but I am living with my girlfriend who pays half of the mortgage and all bills. She has a poor credit rating so we cant get the loan in her name. Should I tell a loan company that she is paying half of the bills? So far i have told the loan companies that i have been paying all bills by myself which im pretty sure is screwing it up. But Im a little worried that if i tell them they will want details about my girlfriend and may see if she has a poor credit rating. Are they allowed to do this? Is she legally classed as my 'tennant' even though we havent got an official contract drawn up?

Any advice on this would be much appreciated.

Thanks,
Jack

BoGoF

Sorry to burst your bubble but as you've already found out that 999 'score' means absolutely nothing.

What is your 'decent' salary and what other debts do you have.

In all honesty I don't think they would be interested in the fact your g/f pays half the bills etc. Ultimately they are your responsibility.

Bravehearted_2

Fact is they're not going to care that your girlfriend pays half. They're all you responsibility. What happens if you break up tomorrow and she stops paying half. By your logic, you will have to start paying all the bills and all mortgage, hence the loan in unaffordable.

Score of 999 means nothing. Chances are you have a thin credit history.

Jack_Maloney

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ses6jwg

What is the purpose of the loan?

Have you tried your own bank?

You may get more success extending the mortgage.

maginot

Is it just your mortgages as the debt you have?

If not what is your unsecured debt to salary ratio?

Jack_Maloney

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BoGoF

So a further £10k loan would take you way over the 50% debt to ratio mark then?

Think all you can do is wait on Tesco's decision, from what I gather they are one of the more 'leniant' lenders. If they say no then your options are very limited and these searches will dent your credit rating for a few months.

Jack_Maloney

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Jeff_Bridges_hair

You should be asking yourself why you need a 10K car

Jack_Maloney

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